Friday, August 5, 2016

Results Note � MISC (SELL, maintain)

Top Calls

Results Note MISC (SELL, maintain)

- Subdued outlook

2Q16 headline net profit was bolstered by one-off recognition from GKL consolidation but excluding many exceptions, core net profit fell on lower contribution across all segments, dragged down by overall lower charter rates, slowing O&G activities and diminishing US$ catalyst. Earnings visibility for MISC remains subdued on expected charter rate correction in 2H16 and low orderbook replenishment for its Offshore and Heavy Engineering segments. Maintain SELL.

Other Calls

Economy ASEAN Outlook Weekly Wrap

- Bank of Thailand keeps policy rate at 1.5%

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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